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J.Hazelbaker, Attorney

Category: Business Law

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Experience: Experienced and trained in the area of business law.

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Consumers Insurance Service was Lang’s insurance agent on a 1986 Toyota that was insured with Interstate Bankers Mutual Casualty Company. Lang later purchased a 1988 Toyota from Nugent Toyota Dealership, but before he was allowed to remove it from the dealership, the dealer’s credit manager called Consumers to verify that the new car would be insured. A Consumer’s employee indicated that the 1988 Toyota was insured by Interstate. Based on these assurances, Lang took delivery of the new car, started driving it, and paid the insurance premiums when they became due. Several months later Lang wrecked the 1988 Toyota and filed an insurance claim. Interstate denied coverage on the grounds that it had never agreed to insure the car. Lang sued Interstate, alleging that the agency relationship between Interstate and Consumers bound the insurer to the assurances made by its agent. Interstate denied that an agency relationship existed.

Issue: Should Lang’s suit be dismissed because no agency relationship existed between Interstate and Consumers?

Nationwide Mutual Insurance Company (Nationwide) planned to hold a regional convention to boost morale and recognize employee achievements. A planning committee decided to have a contest to determine a theme for the convention and ran an announcement that included the following:
Here’s what you could win:

· His and Hers Mercedes

· An all-expenses-paid trip for two around the world

· Additional prize to be announced…

(All prizes subject to availability)

Only 2 rules apply:

1. The slogan is limited to not more than eight words.

2. All entries must be submitted…by August 1, 1993.

Mears, a claims adjuster for Nationwide, submitted several themes and, several months later, left Nationwide. In October, 1993, Mears was notified that his theme had been chosen for the convention. In January, Mears inquired about his Mercedes. He was told he might not get them for three reasons: (1) Nationwide might change the theme, (2) Mears was no longer an employee, and (3) the contest was a joke. His theme was used for the convention. Afterwards, Mears was informed that Nationwide never intended to award the Mercedes and offered him a restaurant gift certificate instead. Mears sued for breach of contract.

Issue: Was there sufficient evidence of intent to form a binding contract?

<p>The first question is a trick question. The answer would be "no", there is an agency relationship between the underwriter and the insurance agent. However, the case should still be dismissed on other grounds. That is, Lang could not <strong>reasonably rely</strong> on the statement made to the dealership by the agent regarding the extent of coverage. Moreover, Lang was in position to know that the statement was inaccurate based on the payment of premiums. Such unreasonable reliance cannot form the basis of a contractual relationship between Lang and Interstate/Consumers.</p><p> </p><p>The answer to the second question is "yes". A binding contract requires: 1) competent parties, 2) consideration, and 3) meeting of the minds.</p><p> </p><p>There is no indication that the parties here are not competent. A corporation is presumed competent and their are no facts to suggest that Mears is not competent.</p><p> </p><p>Consideration is required of both parties. That is, each party has to give something up. There is consideration here. Mears gives up his time and creativity, while Nationwide gives up, ostensibly, the prize. This is sufficient consideration under contract law to create a binding contract, assuming all other elements are met.</p><p> </p><p>Meeting of the minds simply means that the essential details of the bargain are clear. Here is where intent comes into play. If one side was obviously joking, then there is no intent. The question will be whether it was obvious that Nationwide was joking. That would depend, to a certain extent on past behavior and resources. The prices seem outrageous compared to the consideration being requested, a theme. However, we have seen how large corporations have spent corporate funds lavishly in the past for corporate events. So, it might not be out of the ordinary. It simply depends on the circumstances.</p><p> </p><p>If I were to make a legal judgment call based on the evidence presented, I would say that there is sufficient intent to create a meeting of the minds. The structure and the rules were clearly stated. Without more to indicate that the prizes were a joke, Nationwide is going to be bound to the contract.</p>

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Gayler, a semitractor-trailer driver for North American Van Line, was injured during her work and received workers’ compensation benefits. Ten months later she was still undergoing treatments when her doctor prescribed a medical device to aid her recovery. North American authorized the purchase of the device. Gayler was driving her car to pick up the device at a medical supplier when she was seriously injured in a head-on collision. Gayler claimed that the accident arose out of her employment because she was obtaining an employer-authorized treatment at the time it occurred.

Issue: Did Gayler’s injuries arise out of and in the course of employment?

Shelly claimed that her brother-in-law, Michael, a former employee of Nationwide, induced her to invest $70,000 in a Nationwide tax-free mutual fund. At the time she made the investment, Shelly was unaware that Michael was no longer an actual or implied agent of Nationwide. After she discovered that Michael had misappropriated the funds, Shelly sued Nationwide. She contended that Michael still had apparent authority to represent Nationwide because the company had failed to properly notify her of his termination.

<p>1. The trip was for personal benefit and not the benefit of her employer. Whether or not her employer "authorized" the device as part of her worker's compensation claim is irrelevant. She was driving her own car to retrieve a personal medical device for her personal use. No employer liability for her injuries.</p><p> </p><p>2. No. For apparent authority to exist such that Nationwid would be potentially liable to Shelly, Nationwide would have to had made a representation at some point during the course of events directly to Shelly that Michael was an agent. There is no such representation here. The acts are Michael's, and Michael's alone.</p>

Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement, it is
Voidable
Void
Unenforcable
Valid

The necessary elements of a contract include
Offer and acceptance, consideration, legal capacity, and mutual assent.
Formal execution, definite terms, and a valid offer and acceptance.
Some form of writing, equal consideration, and legal capacity.
Bilateral promises, legal capacity, and legality of purpose.

In determining whether a contract has been formed, the courts will consider whether the parties made their intentions clear. Which of the following factors will a court not consider?
The complexity of the parties’ negotiations.
Prior dealing between the parties.
The amount of time required for performance.
The subject of the contract.

Taxes payable under the Federal Unemployment Tax Act (FUTA) are
Payable by employers for all employees.
Withheld from the wages of all covered employees
Calculated as a fixed percentage of all compensation paid to an employee
Deductible by the employer as a business expense for federal income tax purposes

Which of the following is not a form of benefit financed by the Federal Insurance Contributions Act (FICA)?
Disability benefits.
Medicare benefits
Unemployment benefits.
Old age and survivors’ benefits.

The branch of public law that deals with the various regulatory functions and activities of the government is:
criminal law.
administrative law.
constitutional law.
substantive law.

An oral or written contract in which all the terms have been definitely stated and agreed upon by the parties is an
informal contract
implied contract
none of these.
express contract

A source of law upon which much of contract law is based is state common law.
True
False

A bilateral contract results from the exchange of one promise for another.
True
False

When it is not clear whether a unilateral or bilateral contract has been formed, a unilateral contract will be presumed by the courts.
True
False

A void contract may be enforceable.
True
False

To be executed, a contract must be fully performed by all parties.
True
False

A quasi contract may be considered an obligation imposed by law and based upon equitable principles.
True
False

Only written contracts, not oral ones, are binding and enforceable.
True
False

The terms of an offer may be accepted by
a letter
all of these.
spoken words
a telegram

An offer may terminate by
revocation
all of these.
death of either party
rejection

A definite contractual proposal requesting a forbearance and made by one person to another is
an offer
a quasi contract.
an acceptance.
an invitation

To create a contract, an offer must
all of these.
be communicated to the offeree
have contractual intent
be definite and certain

If the offeror has the power to terminate the offer before acceptance, the offeror has
rejection power
the power to lapse
irrevocable options
the power of revocation.

The manifestation of an unwillingness to accept an offer is called a
rejection
revocation
counteroffer.
withdrawal

An offer
all of these.
that consists of a statement indicating a willingness to offer is not itself a binding offer
must manifest intent to create a contract.
may be a promise for a promise

The standard the law applies to determine if a manifestation of mutual assent has occurred by the words or acts of the parties is
a subjective standard
a relative standard
none of these.
an objective standard

An offer
all of these.
requires an offeror and an offeree
may be a promise for an act
may be in the form of an act for a promise

A counteroffer
indicates a total rejection of the original offer
none of these.
operates like a rejection
has no effect on the original offer

A voidable contract is created when
one person unduly influences another
all of these.
an agent breaches her fiduciary duty to her principal
there has been a mutual mistake of a material fact

Consideration for a promise may be defined as
an act other than a promise
the creation, modification or destruction of a legal relation
a forbearance
all of these.

A promise that the promisor should reasonably expect to induce action or forbearance by the promisee may be binding under the doctrine of
waiver
promissory estoppel
gratuitous contracts
none of these.

In a bilateral contract
each party is both a promisor and a promisee
the parties to the contract exchange promises
mutuality of obligation exists
all of these.

<p>Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement, it is <br /> Voidable <br /> <strong>Void</strong> <br /> Unenforcable <br /> Valid <br /><br /> <br />The necessary elements of a contract include <br /> <strong>Offer and acceptance, consideration, legal capacity, and mutual assent.</strong> <br /> Formal execution, definite terms, and a valid offer and acceptance. <br /> Some form of writing, equal consideration, and legal capacity. <br /> Bilateral promises, legal capacity, and legality of purpose. <br /><br /><br /><br /> In determining whether a contract has been formed, the courts will consider whether the parties made their intentions clear. Which of the following factors will a court not consider? <br /> The complexity of the parties' negotiations. <br /> <strong> Prior dealing between the parties.</strong> <br /> The amount of time required for performance. <br /> The subject of the contract. </p><p>Though, this is not always the case. None of the above, would be better.<br /><br /><br /><br /> <br />Taxes payable under the Federal Unemployment Tax Act (FUTA) are <br /> Payable by employers for all employees. <br /> Withheld from the wages of all covered employees <br /> Calculated as a fixed percentage of all compensation paid to an employee <br /> Deductible by the employer as a business expense for federal income tax purposes <br />Not sure on this one</p><p><br /><br /><br /> <br />Which of the following is not a form of benefit financed by the Federal Insurance Contributions Act (FICA)? <br /> Disability benefits. <br /> Medicare benefits <br /> Unemployment benefits. <br /> Old age and survivors' benefits. <br /><br /><br /><br /> <br />The branch of public law that deals with the various regulatory functions and activities of the government is: <br /> criminal law. <br /> <strong>administrative law.</strong> <br /> constitutional law. <br /> substantive law. <br /><br /><br /><br /> <br />An oral or written contract in which all the terms have been definitely stated and agreed upon by the parties is an <br /> informal contract <br /> implied contract <br /> none of these. <br /> <strong>express contract</strong> <br /><br /><br /><br /> <br />A source of law upon which much of contract law is based is state common law. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A bilateral contract results from the exchange of one promise for another. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />When it is not clear whether a unilateral or bilateral contract has been formed, a unilateral contract will be presumed by the courts. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A void contract may be enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />To be executed, a contract must be fully performed by all parties. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />A quasi contract may be considered an obligation imposed by law and based upon equitable principles. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />Only written contracts, not oral ones, are binding and enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />The terms of an offer may be accepted by <br /> a letter <br /> <strong> all of these.</strong> <br /> spoken words <br /> a telegram <br /><br /><br /><br /> <br />An offer may terminate by <br /> revocation <br /> <strong>all of these</strong>. <br /> death of either party <br /> rejection <br /><br /><br /><br /> <br />A definite contractual proposal requesting a forbearance and made by one person to another is <br /> <strong>an offer <br /></strong> a quasi contract. <br /> an acceptance. <br /> an invitation <br /><br /><br /><br /> <br />To create a contract, an offer must <br /> <strong>all of these.</strong> <br /> be communicated to the offeree <br /> have contractual intent <br /> be definite and certain <br /><br /><br /><br /> <br />If the offeror has the power to terminate the offer before acceptance, the offeror has <br /> rejection power <br /> the power to lapse <br /> irrevocable options <br /> <strong>the power of revocation</strong>. <br /><br /><br /><br /> <br />The manifestation of an unwillingness to accept an offer is called a <br /> <strong>rejection</strong> <br /> revocation <br /> counteroffer. <br /> withdrawal <br /><br /><br /><br /> <br />An offer <br /> <strong> all of these. <br /></strong> that consists of a statement indicating a willingness to offer is not itself a binding offer <br /> must manifest intent to create a contract. <br /> may be a promise for a promise <br /><br /><br /><br /> <br />The standard the law applies to determine if a manifestation of mutual assent has occurred by the words or acts of the parties is <br /> a subjective standard <br /> a relative standard <br /> none of these. <br /> <strong>an objective standard</strong> <br /><br /><br /><br /> <br />An offer <br /> <strong>all of these. <br /></strong> requires an offeror and an offeree <br /> may be a promise for an act <br /> may be in the form of an act for a promise <br /><br /><br /><br /> <br />A counteroffer <br /> indicates a total rejection of the original offer <br /> none of these. <br /> <strong>operates like a rejection</strong> <br /> has no effect on the original offer <br /><br /><br /><br /> <br />A voidable contract is created when <br /> one person unduly influences another <br /> <strong>all of these.</strong> <br /> an agent breaches her fiduciary duty to her principal <br /> there has been a mutual mistake of a material fact <br /><br /><br /><br /> <br />Consideration for a promise may be defined as <br /> an act other than a promise <br /> the creation, modification or destruction of a legal relation <br /> a forbearance <br /> <strong>all of these</strong>. <br /><br /><br /><br /> <br />A promise that the promisor should reasonably expect to induce action or forbearance by the promisee may be binding under the doctrine of <br /> waiver <br /> <strong>promissory estoppel</strong> <br /> gratuitous contracts <br /> none of these. <br /><br /><br /><br /> <br />In a bilateral contract <br /> each party is both a promisor and a promisee <br /> the parties to the contract exchange promises <br /> mutuality of obligation exists <br /> <strong>all of these.</strong> <br /><br /><br /><br /> <br />Past consideration is not valid consideration, therefore, no contract exists. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Promises to purchase as much of an item as one may want or desire are generally upheld. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Contracts of a type or class governed by the Statute of Frauds are said to be "within" the Statute. <br /> <strong>True</strong> <br />False </p>

<p>Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement, it is <br /> Voidable <br /> <strong>Void</strong> <br /> Unenforcable <br /> Valid <br /><br /> <br />The necessary elements of a contract include <br /> <strong>Offer and acceptance, consideration, legal capacity, and mutual assent.</strong> <br /> Formal execution, definite terms, and a valid offer and acceptance. <br /> Some form of writing, equal consideration, and legal capacity. <br /> Bilateral promises, legal capacity, and legality of purpose. <br /><br /><br /><br /> In determining whether a contract has been formed, the courts will consider whether the parties made their intentions clear. Which of the following factors will a court not consider? <br /> The complexity of the parties' negotiations. <br /><strong>Prior dealing between the parties.</strong> <br /> The amount of time required for performance. <br /> The subject of the contract. </p><p>Though, this is not always the case. None of the above, would be better.<br /><br /><br /><br /> <br />Taxes payable under the Federal Unemployment Tax Act (FUTA) are <br /> Payable by employers for all employees. <br /> Withheld from the wages of all covered employees <br /> Calculated as a fixed percentage of all compensation paid to an employee <br /> Deductible by the employer as a business expense for federal income tax purposes <br />Not sure on this one</p><p><br /><br /><br /> <br />Which of the following is not a form of benefit financed by the Federal Insurance Contributions Act (FICA)? <br /> Disability benefits. <br /> Medicare benefits <br /> Unemployment benefits. <br /> Old age and survivors' benefits. <br /><br /><br /><br /> <br />The branch of public law that deals with the various regulatory functions and activities of the government is: <br /> criminal law. <br /> <strong>administrative law.</strong> <br /> constitutional law. <br /> substantive law. <br /><br /><br /><br /> <br />An oral or written contract in which all the terms have been definitely stated and agreed upon by the parties is an <br /> informal contract <br /> implied contract <br /> none of these. <br /> <strong>express contract</strong> <br /><br /><br /><br /> <br />A source of law upon which much of contract law is based is state common law. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A bilateral contract results from the exchange of one promise for another. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />When it is not clear whether a unilateral or bilateral contract has been formed, a unilateral contract will be presumed by the courts. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A void contract may be enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />To be executed, a contract must be fully performed by all parties. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />A quasi contract may be considered an obligation imposed by law and based upon equitable principles. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />Only written contracts, not oral ones, are binding and enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />The terms of an offer may be accepted by <br /> a letter <br /><strong>all of these.</strong> <br /> spoken words <br /> a telegram <br /><br /><br /><br /> <br />An offer may terminate by <br /> revocation <br /> <strong>all of these</strong>. <br /> death of either party <br /> rejection <br /><br /><br /><br /> <br />A definite contractual proposal requesting a forbearance and made by one person to another is <br /> <strong>an offer <br /></strong> a quasi contract. <br /> an acceptance. <br /> an invitation <br /><br /><br /><br /> <br />To create a contract, an offer must <br /> <strong>all of these.</strong> <br /> be communicated to the offeree <br /> have contractual intent <br /> be definite and certain <br /><br /><br /><br /> <br />If the offeror has the power to terminate the offer before acceptance, the offeror has <br /> rejection power <br /> the power to lapse <br /> irrevocable options <br /> <strong>the power of revocation</strong>. <br /><br /><br /><br /> <br />The manifestation of an unwillingness to accept an offer is called a <br /> <strong>rejection</strong> <br /> revocation <br /> counteroffer. <br /> withdrawal <br /><br /><br /><br /> <br />An offer <br /><strong>all of these. <br /></strong> that consists of a statement indicating a willingness to offer is not itself a binding offer <br /> must manifest intent to create a contract. <br /> may be a promise for a promise <br /><br /><br /><br /> <br />The standard the law applies to determine if a manifestation of mutual assent has occurred by the words or acts of the parties is <br /> a subjective standard <br /> a relative standard <br /> none of these. <br /> <strong>an objective standard</strong> <br /><br /><br /><br /> <br />An offer <br /> <strong>all of these. <br /></strong> requires an offeror and an offeree <br /> may be a promise for an act <br /> may be in the form of an act for a promise <br /><br /><br /><br /> <br />A counteroffer <br /> indicates a total rejection of the original offer <br /> none of these. <br /> <strong>operates like a rejection</strong> <br /> has no effect on the original offer <br /><br /><br /><br /> <br />A voidable contract is created when <br /> one person unduly influences another <br /> <strong>all of these.</strong> <br /> an agent breaches her fiduciary duty to her principal <br /> there has been a mutual mistake of a material fact <br /><br /><br /><br /> <br />Consideration for a promise may be defined as <br /> an act other than a promise <br /> the creation, modification or destruction of a legal relation <br /> a forbearance <br /> <strong>all of these</strong>. <br /><br /><br /><br /> <br />A promise that the promisor should reasonably expect to induce action or forbearance by the promisee may be binding under the doctrine of <br /> waiver <br /> <strong>promissory estoppel</strong> <br /> gratuitous contracts <br /> none of these. <br /><br /><br /><br /> <br />In a bilateral contract <br /> each party is both a promisor and a promisee <br /> the parties to the contract exchange promises <br /> mutuality of obligation exists <br /> <strong>all of these.</strong> <br /><br /><br /><br /> <br />Past consideration is not valid consideration, therefore, no contract exists. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Promises to purchase as much of an item as one may want or desire are generally upheld. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Contracts of a type or class governed by the Statute of Frauds are said to be "within" the Statute. <br /> <strong>True</strong> <br />False </p>

<p>Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement, it is <br /> Voidable <br /> <strong>Void</strong> <br /> Unenforcable <br /> Valid <br /><br /> <br />The necessary elements of a contract include <br /> <strong>Offer and acceptance, consideration, legal capacity, and mutual assent.</strong> <br /> Formal execution, definite terms, and a valid offer and acceptance. <br /> Some form of writing, equal consideration, and legal capacity. <br /> Bilateral promises, legal capacity, and legality of purpose. <br /><br /><br /><br /> In determining whether a contract has been formed, the courts will consider whether the parties made their intentions clear. Which of the following factors will a court not consider? <br /> The complexity of the parties' negotiations. <br /> <strong> Prior dealing between the parties.</strong> <br /> The amount of time required for performance. <br /> The subject of the contract. </p><p>Though, this is not always the case. None of the above, would be better.<br /><br /><br /><br /> <br />Taxes payable under the Federal Unemployment Tax Act (FUTA) are <br /> Payable by employers for all employees. <br /> Withheld from the wages of all covered employees <br /> Calculated as a fixed percentage of all compensation paid to an employee <br /> Deductible by the employer as a business expense for federal income tax purposes <br />Not sure on this one</p><p><br /><br /><br /> <br />Which of the following is not a form of benefit financed by the Federal Insurance Contributions Act (FICA)? <br /> Disability benefits. <br /> Medicare benefits <br /> Unemployment benefits. <br /> Old age and survivors' benefits. <br /><br /><br /><br /> <br />The branch of public law that deals with the various regulatory functions and activities of the government is: <br /> criminal law. <br /> <strong>administrative law.</strong> <br /> constitutional law. <br /> substantive law. <br /><br /><br /><br /> <br />An oral or written contract in which all the terms have been definitely stated and agreed upon by the parties is an <br /> informal contract <br /> implied contract <br /> none of these. <br /> <strong>express contract</strong> <br /><br /><br /><br /> <br />A source of law upon which much of contract law is based is state common law. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A bilateral contract results from the exchange of one promise for another. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />When it is not clear whether a unilateral or bilateral contract has been formed, a unilateral contract will be presumed by the courts. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />A void contract may be enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />To be executed, a contract must be fully performed by all parties. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />A quasi contract may be considered an obligation imposed by law and based upon equitable principles. <br /> <strong>True</strong> <br />False <br /><br /><br /><br /> <br />Only written contracts, not oral ones, are binding and enforceable. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />The terms of an offer may be accepted by <br /> a letter <br /> <strong> all of these.</strong> <br /> spoken words <br /> a telegram <br /><br /><br /><br /> <br />An offer may terminate by <br /> revocation <br /> <strong>all of these</strong>. <br /> death of either party <br /> rejection <br /><br /><br /><br /> <br />A definite contractual proposal requesting a forbearance and made by one person to another is <br /> <strong>an offer <br /></strong> a quasi contract. <br /> an acceptance. <br /> an invitation <br /><br /><br /><br /> <br />To create a contract, an offer must <br /> <strong>all of these.</strong> <br /> be communicated to the offeree <br /> have contractual intent <br /> be definite and certain <br /><br /><br /><br /> <br />If the offeror has the power to terminate the offer before acceptance, the offeror has <br /> rejection power <br /> the power to lapse <br /> irrevocable options <br /> <strong>the power of revocation</strong>. <br /><br /><br /><br /> <br />The manifestation of an unwillingness to accept an offer is called a <br /> <strong>rejection</strong> <br /> revocation <br /> counteroffer. <br /> withdrawal <br /><br /><br /><br /> <br />An offer <br /> <strong> all of these. <br /></strong> that consists of a statement indicating a willingness to offer is not itself a binding offer <br /> must manifest intent to create a contract. <br /> may be a promise for a promise <br /><br /><br /><br /> <br />The standard the law applies to determine if a manifestation of mutual assent has occurred by the words or acts of the parties is <br /> a subjective standard <br /> a relative standard <br /> none of these. <br /> <strong>an objective standard</strong> <br /><br /><br /><br /> <br />An offer <br /> <strong>all of these. <br /></strong> requires an offeror and an offeree <br /> may be a promise for an act <br /> may be in the form of an act for a promise <br /><br /><br /><br /> <br />A counteroffer <br /> indicates a total rejection of the original offer <br /> none of these. <br /> <strong>operates like a rejection</strong> <br /> has no effect on the original offer <br /><br /><br /><br /> <br />A voidable contract is created when <br /> one person unduly influences another <br /> <strong>all of these.</strong> <br /> an agent breaches her fiduciary duty to her principal <br /> there has been a mutual mistake of a material fact <br /><br /><br /><br /> <br />Consideration for a promise may be defined as <br /> an act other than a promise <br /> the creation, modification or destruction of a legal relation <br /> a forbearance <br /> <strong>all of these</strong>. <br /><br /><br /><br /> <br />A promise that the promisor should reasonably expect to induce action or forbearance by the promisee may be binding under the doctrine of <br /> waiver <br /> <strong>promissory estoppel</strong> <br /> gratuitous contracts <br /> none of these. <br /><br /><br /><br /> <br />In a bilateral contract <br /> each party is both a promisor and a promisee <br /> the parties to the contract exchange promises <br /> mutuality of obligation exists <br /> <strong>all of these.</strong> <br /><br /><br /><br /> <br />Past consideration is not valid consideration, therefore, no contract exists. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Promises to purchase as much of an item as one may want or desire are generally upheld. <br /> True <br /><strong>False</strong> <br /><br /><br /><br /> <br />Contracts of a type or class governed by the Statute of Frauds are said to be "within" the Statute. <br /> <strong>True</strong> <br />False </p>

Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement, it is Voidable Void Unenforcable Valid The necessary elements of a contract include -Offer and acceptance, consideration, legal capacity, and mutual assent. -Formal execution, definite terms, and a valid offer and acceptance. -Some form of writing, equal consideration, and legal capacity. -Bilateral promises, legal capacity, and legality of purpose. In determining whether a contract has been formed, the courts will consider whether the parties made their intentions clear. Which of the following factors will a court not consider? The complexity of the parties’ negotiations. Prior dealing between the parties. The amount of time required for performance. The subject of the contract. Taxes payable under the Federal Unemployment Tax Act (FUTA) are Payable by employers for all employees. Withheld from the wages of all covered employees Calculated as a fixed percentage of all compensation paid to an employee Deductible by the employer as a business expense for federal income tax purposes Which of the following is not a form of benefit financed by the Federal Insurance Contributions Act (FICA)? Disability benefits. Medicare benefits Unemployment benefits. Old age and survivors’ benefits.

Here's the best I can do right now. In the answer, I put the correct response in bold. So, in a True/False where the answer was True, I put True in bold. In HTML, it looks like <strong>Void</strong> Where Void would be the answer and be in bold. If you go back and look were "strong is in either side of the word or phrase, that is your answer. I'll keep trying to get it sorted out.

-Of relatively little or no imporatnce because the laws are invariably the same

Which of the following is excluded from the UCC's definition of goods?

-Minerals (including oil and gas) to be extracted by the seller

-Investment securities

-Growing crops and timber

-The unborn young of animals

Patch, a frequent shopper at Soon-Shop Stores, received a rain check for an advertised sale item after Soon-Shop's supply of the product ran out. The rain check was in writing and stated that the item would be offered to the customer at the advertised sale price for an unspecific period of time. A Soon-Shop employee signed the rain check. When Patch returned to the store one month later to purchase the item, the store refused to honor the rain check. Under UCC Article 2, will Patch win a suit to enforce the rain check?

-No, because one month is too long a period of time for a rain check to be effective

-No, because the rain check did not state the effective time period necessary to keep the offer open

-Yes, because Soon-Shop is required to have sufficient supplies of the sale item to satisfy all customers

-Yes, because the rain check met the requirements of a merchant's firm off even though no effective time period was stated

Under UCC Article 2, and unless otherwise agreed to, the seller's obligation to the buyer is to

-Deliver the goods to the buyer's place of business

-Hold conforming goods and give the buyer whatever notification is reasonably necessary to enable the buyer to take delivery

-Deliver all goods called for in the contract to a common carrier

-Set aside confirming goods for inspecction by the buyer before delivery

Casassa, a merchant in San Francisco, under the terms of a nonshipment contract, agrees to sell 50 cases of packaged macaroni to Paoli. a restaurant owner whose business is in San Jose. At the time of contracting for the sale, both parties are aware that these identified goods are in a warehouse in Fresno. The place for delivery is not specified in the agreement. On the basis of these facts, teh place for delivery is

-San Francisco

-San Jose

-Fresno

-Indefinite, and the contract is unenforceable

Taylor signed and mailed a letter to Peel that stated: "Ship promptly 600 dozen grade A eggs." Taylor's offer

-May be accepted only by a prompt shipment

-May be accepted by either a prompt promise to ship or prompt shipment

-Is invalid because the price term was omitted

-Is invalid because the shipping term was omitted

Cookie Co. offered to sell Distrib Markets 20,000 pounds of cookies at $1.00 per pound, subject to certain specified terms for delivery. Distrib replied in writing as follow: "We accept your offer for 20,000 pounds of cookies at $1.00 per pound, weighing scale to have valid city certificate." Under UCC,

-A contract was formed between the parties

-A contract will be formed only if Cookie agrees to the weighing scale requirement

-No contract was formed because Distrib included the weighing scale requirement in its reply

-No contract was formed because Distrib's reply was a counteroffer

Filmore purchased a TV set from Allison Appliances, an authorized dealer, for $499. The written contract contained the usual 1-year warranty as to parts and labor as long as the set was returned to the manufacturer or one of its authorized dealers. The contract also contained an effective disclaimer of any express warranty protection, other than that included in the contract. It further provided that the contract represented the entire agreement and understanding of the parties. Filmore claims that during the bargaining process Surry, Allison agent, orally promised to service the set at Filmore's residence if anything went wrong within the year. Which of the following would be Allison's best defense?

-The statute of frauds

-The parol evidence rule

-All warranty protection was disclaimed other than the express warranty contained in the contract

-Surry, Allison's agent, did not have express authority to amke such a promise

The UCC provides rules of construction that allow unclear contracts to be read in the context of commercial practices and other surrounding circumstances. When the application of these rules result in a conflict, what hierarchy does the UCC establish with regard to the following? 1. Course of performance 2. Course of dealing 3. Usage of trade 4. Express terms

-3,4,2,1

-4,2,3,1

-4,1,2,3

-2,4,1,3

To satisfy the UCC statute of frauds, a written agreement for the sale of goods must

-Contain payment terms

-Be signed by both buyer and seller

-Indicate that a contract for sale has been made

-Refer to the time and place of delivery

Assume that the parties have entered into a contract for the sales of goods. Which of the following is a false statement under the UCCC?

-Retention of title by the seller to goods delivered to the buyer is, in effect, a reservation of a security interest.

-Title to goods may pass under a contract for sale prior to identification to the contract

-Title can pass to the buyer when the seller completes physical delivery of the goods if a document of title is to be delivered at a different time or place.

-Identification of the goods to the contract gives the buyer an insurable interest in the goods even before delivery

To negotiate an instrument payable to bearer, one must

-Transfer possession of, and endorse, the instrument.

-Transfer possession of the instrument

-Endorse the instrument

-Endorse and transfer possession of the instrument with consideration

Anna Karr transferred a negotiable instrument payable to her order in exchange for value to XXXXX XXXXX. Karr did not endorse the instrument. As a result of the transfer, Watson,

-Obtains such rights as the transferor had in all cases

-Can become a holder only if the instrument is endorse and possession is transferred at the same time

-Is presumed to be the owner of the instrument because she gave value

-Is entitled to an unqualified endorsement by Karr

Under the Negotiable Instruments Article of the UCC, an endorsement of an instrument "for deposit only" is an example of what type of endorsement?

-Blank

-Qualified

-Restrictive

-Special

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